xinje(SH:603416) Xin Lang Cai Jing·2025-11-01 08:33Core Insights - The company reported a revenue of 1.38 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 14.2%, and a net profit attributable to shareholders of 180 million yuan, up 3.4% year-on-year [1] - In Q3 alone, the company achieved a revenue of 500 million yuan, a year-on-year increase of 22.2% and a quarter-on-quarter increase of 3.3%, with a net profit of 50 million yuan, reflecting a year-on-year increase of 11.4% but a quarter-on-quarter decrease of 34.5% [1] Financial Performance - The overall gross margin for the first three quarters of 2025 was 37.2%, down 1.4 percentage points year-on-year; the period expense ratio was 24.6%, down 0.6 percentage points year-on-year; and the net profit margin was 13.0%, down 1.4 percentage points year-on-year [2] - In Q3, the gross margin was 35.4%, down 3.4 percentage points year-on-year and down 3.0 percentage points quarter-on-quarter; the period expense ratio was 25.6%, down 2.1 percentage points year-on-year; and the net profit margin was 10.5%, down 1.0 percentage point year-on-year and down 6.1 percentage points quarter-on-quarter [2] Industry Development - The company is leveraging its expertise in industrial robotics technology to expand into the humanoid robotics sector, with a focus on developing components such as hollow cup motors and torque motors, as well as related technologies like high-performance optical encoders [3] - The company has a dedicated team of over 60 personnel in robotics software and R&D, and plans to continue building its humanoid robotics team and increasing investment in related industries based on market and customer needs [3] Investment Outlook - Based on the latest performance report, the company has adjusted its revenue forecasts for 2025-2027 from 2.11 billion, 2.63 billion, and 3.24 billion yuan to 1.98 billion, 2.39 billion, and 2.88 billion yuan, respectively; net profit forecasts have been adjusted from 290 million, 370 million, and 470 million yuan to 250 million, 310 million, and 380 million yuan [4] - The earnings per share (EPS) estimates have been revised from 2.07, 2.61, and 3.33 yuan to 1.60, 1.99, and 2.45 yuan, with a closing price of 57.55 yuan on October 31, 2025, corresponding to price-to-earnings ratios of 36, 29, and 24 for 2025-2027 [4]